The competition landscape of stablecoins intensifies, emerging public chains perform remarkably.

In 2025, stablecoins become the focal point of the crypto market. As of May 22, the total market capitalization of stablecoins has surpassed 245 billion USD, driven by fierce competition among various public chains. Stablecoins not only serve as indicators of asset liquidity changes but also reflect the market recognition of public chains. This article analyzes the stablecoin data of 12 major public chains, outlining the development landscape of public chain stablecoins.

Ethereum: USDC Growth Supports Half of the Market

The market capitalization of stablecoins on Ethereum is $122.5 billion, accounting for 50% of the global stablecoin issuance. USDT remains the largest stablecoin on Ethereum, with a share of about 50%. However, since 2025, the issuance of USDT on Ethereum has decreased by 5.07%, making TRON the largest public chain for USDT issuance.

USDC has become an important support for the status of Ethereum stablecoin. As of May 22, the issuance of USDC on Ethereum reached 36.9 billion coins, accounting for 60.82% of the total USDC supply. In the past six months, USDC has grown by 46.4% on Ethereum, making it the main reason for Ethereum's preservation of half of the stablecoin market.

Tron: The main public chain for USDT issuance

Nearly all of the stablecoins on the Tron network come from USDT, accounting for over 99%. Tron has become the largest public chain for USDT issuance, with a global stablecoin market share of approximately 31.3%. The Tron network processes an average of 20 billion USDT transfers daily, with over 1 million unique accounts conducting USDT transactions each day.

In 2025, the supply of USDT on the TRON network increased from $59.7 billion to $77.7 billion. Low fees and high speed have made TRON the preferred choice for USDT trading, especially popular among retail investors and emerging markets. Additionally, TRON's collaboration with the Trump family has created new opportunities for the development of its stablecoin.

Solana: A Rapidly Growing Emerging Force

The market value of Solana's stablecoin increased from 1.8 billion USD at the beginning of 2024 to a peak of 13.1 billion USD in May, representing a growth of 627%. Although its total volume still lags behind Ethereum and TRON, Solana has become an emerging force that cannot be ignored.

USDC is the dominant stablecoin on Solana, accounting for 73% of the market share. USDT has a market share of about 20%. PayPal's PYUSD has a market capitalization of 200 million USD on Solana, second only to Ethereum. Solana is becoming one of the preferred choices for new stablecoins.

BSC: Zero Gas Fee and USD1 Driving Growth

BSC accounts for 2.4% of the global stablecoin market. Its stablecoin market value increased from $4 billion in 2024 to $10 billion, a growth of 150%. The two significant increases were driven by zero Gas fee activities and the issuance of the USD1 stablecoin.

USDT accounts for 59% on BSC, while USD1 accounts for 21%. As the popularity of the Binance wallet increases, the proportion of stablecoin DEX trading on the BSC chain has risen from less than 10% in April to 28%. In terms of cumulative trading volume for USDT, BSC stands at $358 billion, only behind TRON and Ethereum.

Base: The fastest-growing newcomer

Since January 2024, the market value of stablecoins on Base has increased by 2210%, rising from $177 million to $4.09 billion, making it the largest increase among the top five public chains. USDC is the most mainstream stablecoin on Base, accounting for 97.8%. Base is also the public chain with the largest cumulative trading volume of USDC outside of Ethereum.

Hyperliquid: The New Favorite in Derivatives Trading

As an emerging derivatives trading platform, Hyperliquid's stablecoin market capitalization reached $3.26 billion within six months, surpassing several established public chains. USDC is its main stablecoin, accounting for 97.8%. Recently, Hyperliquid has also begun introducing new stablecoins such as feUSD, USDT, and USDe.

Arbitrum: Significant Decline After Incentives End

The market value of Arbitrum's stablecoin has experienced significant fluctuations. In 2024, it increased from $2 billion to $6.9 billion, but by early 2025, it quickly dropped to $2.73 billion. The main reasons include the termination of incentive programs, the migration to new USDT standards, and competing chains attracting capital outflows.

Polygon: Enterprise-level applications drive growth

The market value of Polygon's stablecoin rose from 1.26 billion to 2.15 billion USD. The growth mainly comes from the launch of Circle's native USDC as well as the pilot programs for fiat and stablecoin settlements by giants like Visa and Mastercard. USDT and USDC account for 40.79% and 47% of the market share, respectively.

Avalanche: Growth Stagnation

Despite an overall growth of 79%, the market value of Avalanche stablecoin has been fluctuating between 10-20 million USD since May 2024. Even a significant reduction in transaction fees by the end of 2024 did not lead to substantial growth.

Aptos and Sui: New Stars of the Move Ecosystem

Aptos stablecoin's market value has surpassed $1 billion for the first time, with an annual growth of 2408%. Sui achieved an astounding 230-fold increase, rising from $5 million to $1.156 billion. Both chains demonstrate immense potential but still face challenges in attracting large capital.

TON: Growth Lacks Momentum Under Social Support

The issuance of USDT on the TON chain grew rapidly in the early stages, but experienced a decline in 2025, dropping from 1.4 billion dollars to around 900 million dollars. This may be related to the lack of new hotspots in the ecosystem.

Summary

The competitive landscape of public chain stablecoins is changing rapidly. While Ethereum, Tron, and others maintain their lead, emerging public chains such as Solana and BSC are eating into market share. As global stablecoin regulations gradually take shape, competition in the stablecoin sector will become even more intense, with both new and old public chains facing different challenges and opportunities.